Policies & Procedures Manual - Elizabeth City State University

400.1.503. Commodity classification number4. Date of purchase or acquisition5. Acquisition method (purchase, donation)6. Valuation method (cost, assigned value)7. Fund from which equipment was purchased (departmental or grant)8. Purchase cost or acquisition value should be a separate asset.9. Trade-in value of any equipment traded in on purchase10. Purchase Order Number11. Check Number12. Check Date13. Equipment mobility/immobility (moveable, fixed)14. Condition of equipment at time of acquisition (new, good, fair)15. University Fixed Assets tag affixed to equipment (yes or no)16. Department to which equipment is assigned17. Location of equipment (building & room number)18. Depreciable Life (if applicable)19. Book Value (if applicable)The Chief Fiscal Officer has the custodial and supervisory duties of the Fixed Assets System.He/She assigns both supervisor and clerical positions to control the assets. The management andcontrol of the assets is largely centered around the Fixed Assets Officer and the Accountant.The objectives of the Fixed Assets Officer and Accountant are: